With J.C. Penney struggling since the CEO changed the stores format and eliminated sales, it looks like the board of directors has slashed Ron Johnson's pay.

In a clear sign of its dissatisfaction with the direction of the company, the board of J. C. Penney gave its chief executive, Ron Johnson, a pay cut of almost 97 percent, to $1.9 million, for 2012, according to a regulatory filing on Tuesday.

In addition, not a single top executive received a cash bonus for the year.

“The C.E.O. is certainly being given a message,” said Kent Hughes, managing director at the proxy advisory firm Egan-Jones Ratings Company.

Analysts generally say they believe that Mr. Johnson will be given at least another couple of quarters to turn around the company he was hired a little more than a year ago to revive.